The Nigerian banking landscape in 2023 has been a dynamic one, with some banks soaring to new heights while others struggled to keep pace.
Findings from the 11 banks’ financial statements for the first nine months of this year, show that United Bank for Africa (UBA), Guaranty Trust Holding Bank (GTCO) and Fidelity Bank are the top three banks with the highest profit-after-tax growth of 287.2 percent, 181.9 percent, and 162.4 percent respectively.
While Access Holdings (82.9 percent) and Sterling Holdings (23.1 percent) had the least growth. Unity Bank recorded a negative growth of 2460.6 percent.
The total profit for the 11 banks surged by 152 percent to N1.98 trillion in the first nine months from N785.6 billion in the same period of 2022.
Banks’ analysis.
UBA
UBA recorded profit after tax of N449.3 billion in nine months of 2023 from N116.04 billion in the same period of 2022.
Net interest income grew to N443.1 billion from N282.5 billion. Deposits from customers surged to N11.6 trillion from N7.03 trillion.
Zenith Bank
Zenith Bank recorded a profit after tax of N434.2 billion in the nine months of 2023 from N174.3 billion in the same period of last year
Net interest income surged to N415.2 billion from N282.9 billion. Deposits from customers increased to N13.4 trillion from N8.04 trillion.
GTCO
GTCO’s profit after tax increased to N367.4 billion in the nine months of 2023 from N130.4 billion in the same period of 2022.
Net interest income grew to N297.5 billion from N189.7 billion. Deposit from customers rose to N6.25 trillion from N4.26 trillion.
Access Holdings
Access Holdings recorded a profit after tax of N250.4 billion in the nine months of 2023 from N136.9 billion in the same period of 2022.
Net interest income surged to N389.9 billion from N280.3 billion. Deposits from customers grew to N12.8 trillion from N8.19 trillion in the same period of 2022.
FBN Holdings
FBN Holdings recorded a profit after tax of N236.5 billion in the nine months of 2023 from N91.3 billion in the same period of 2022.
Net interest income surged to N377.7 billion from N249.5 billion. Deposit from customers stood at N9.25 trillion from N6.6 trillion.
Stanbic IBTC Holdings
Stanbic IBTC Holdings recorded a profit after tax of N109.3 billion in the nine months of 2023 from N55.2 billion in the same period of 2022.
Net interest income grew to N120.5 billion from N79.7 billion. Deposit from customers grew to N1.77 trillion from N1.14 trillion.
Fidelity Bank
Fidelity Bank recorded a profit after tax of N91.8 billion in the nine months of 2023 from N34.9 billion in the same period of 2022.
Net interest income increased to N194.9 billion from N111.9 billion. Deposits from customers grew to N3.44 trillion from N2.29 trillion.
FCMB Group
FCMB Group recorded a profit after tax of N49.2 billion in the nine months of 2023 from N22.9 billion in the same period of 2022.
Net interest income increased to N120.5 billion from N93.1 billion. Deposit from customers increased to N2.53 trillion from N1.82 trillion.
Wema Bank
Wema Bank recorded a profit after tax of N19.2 billion in the nine months of 2023 from N8.18 billion in the same period of 2022.
Net interest income increased to N55.7 billion from N38.5 billion. Deposits from customers increased to N1.65 trillion from N1.08 trillion.
Sterling Financial Holdings
Sterling Financial Holdings recorded profit after tax of N16.5 billion in the nine months of 2023 from N13.4 billion in the same period of 2022.
Net interest income rose to N68.5 billion from N54.6 billion and deposits from customers grew to N44.9 billion from N40.9 billion.
Unity Bank
Unity Bank recorded a loss after tax of N47.9 billion in the nine months of 2023 from a profit after tax of N2.03 billion in the same period of 2022.
Net interest income dropped to N9.47 billion from N14.5 billion. Deposits from customers increased to N16.9 billion from N12.4 billion.
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